Earlier, Reuters reported that Saudi Arabia had canceled plans to list the giant oil company as the Kingdom shifted its attention to a proposed acquisition of a stake in Saudi Basic Industries Corporation (SABIC) 's domestic petrochemical plant. Some 16 banks are expected to participate in the lending process, with major banks to be selected later on Thursday, the report said.
Saudi Arabia had canceled Aramco's initial public offering, with the demobilization of the operation's advisers, which would have been the largest of its kind in history.